What are Chase's qualification for a forebearance?

[famlena]

I was told since I'm denied the perm mod I may be qualified for a 5 months forebearance (they called it an extension). However, before they can submit the paperwork for an approval I had to pay $2100. They have a policy that I needed to have 3 consecutive payments and so far I only had 2 but I did have $1000 in a suspends account that they can apply towards the 3rd payment if I paid $2100. For those who have had a forebearance is this typical or is Chase trying to squeeze a bit more from me?

[Evan Bedard]

Hi famlena,

I was told since I'm denied the perm mod I may be qualified for a 5 months forebearance (they called it an extension). However, before they can submit the paperwork for an approval I had to pay $2100. They have a policy that I needed to have 3 consecutive payments and so far I only had 2 but I did have $1000 in a suspends account that they can apply towards the 3rd payment if I paid $2100. For those who have had a forebearance is this typical or is Chase trying to squeeze a bit more from me?

No this is not typical at all, there is no reason why you should have to keep making payments to qualify for a forbearance. Forbearances are usually offered to borrowers behind on payments.. I believe that rep is just trying to squeeze as much money out of you as possible..

[famlena]

Evan, thank you! I thought it was a bit strange that they had that kind of a policy.

[c150000]

you were denied before your 3rd payment?
why?
are you fannie mae?

[famlena]

I was denied after my 5th payment. Both 1st & 2nd loans are owned and serviced by Chase. I was on their in-house mod program. They denied because they said I had equity in my house.

I owe on the 1st $600k (now $20k behind in payments) and the 2nd $150k. They did a drive by BPO in July appraising it at $677k however, back in late April they did an internal BPO appraising it at $625k. I highly doubt that my house has gained that much value since then.

[davephx]

Like many have reported here denials are common sadly if you have equity only in the 1st mortgage you are likely to fail the NPV test. They don't care about the 2nd since its only the 1st that HAMP addresses.

However in your case with Chase owned and serviced both, it would seem more likely to get an inhouse mod but not your luck.

You might try and reapply - easy to get on a trial seems even if originally denied to be on again? By 5 more payments maybe your value will have declined further

This is the rare time we actually want to be way underwater assuming we want desperately to keep the home even if underwater.